Amid positive global markets, sentiment, neutral foreign institutional investors (FIIs), negative domestic institutional investors (DIIs) and cautious futures & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Wednesday, January 13, 2021.
Benchmark domestic stocks on Tuesday, January 12, 2021, gained half a per cent to hit fresh lifetime highs amid mixed global cues. PSU banks, auto and realty stocks rallied while IT, pharma and FMCG shares declined. The Sensex achieved 49,500 level for the first time while the Nifty closed above 14,500-mark.
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The BSE Sensex climbed 248 points, or 0.50 per cent, to 49,517 and the NSE Nifty rose 79 points, or 0.54 per cent, to trade at 14,563. The Bank Nifty gained 340 points, or 1.06 per cent, to close higher at 32,339.
In the broader market at BSE, Mid-cap and Small-cap indices underperformed the Sensex. The BSE Mid-Cap index gained 0.44 per cent while the BSE Small-Cap index added 0.25 per cent.
Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for January 13:
Day support zone on Nifty is 14,450-14,500, below that 14,375-14,400 is strong Buy zone.
Day higher zone on Nifty is 14,575-14,625, above that 14,675-14,700 is profit-booking zone.
Day support zone on Bank Nifty is 32,000-32,100, below that 31,725-31,825 is strong Buy zone.
Day higher zone on Bank Nifty is 32,475-32,625, above that 32,700-32,800 is profit-booking zone.
Small Day Range for trading on Nifty is 14,500-14,600, while the medium and bigger day ranges are 14,450-14,650 and 14400-14700, respectively.
Small Day Range for trading on Bank Nifty is 32,100-32,475, while the medium and bigger day ranges are 32,000-32,625 and 31,800-32,725, respectively.
FIIs decreased Index long at 76% Vs 79%.
PCR near overbought at 1.73 vs 1.8.
VIX up by 2% at 22.85.
For Existing Long Positions:
Nifty intraday and closing stop loss are 14,475.
Bank Nifty intraday and closing stop loss are 31,950.
For Existing Short Positions:
Nifty intraday and closing stop loss are 14,600.
Bank Nifty intraday and closing stop loss are 32,500.
For New Positions:
Buy Nifty with a stop loss of 14,500 and target 14,600, 14,650, 14,675, 14,700.
Aggressive traders Sell Nifty in 14,650-14,700 range with a stop loss of 14,725 and target 14,600, 14,575, 14,550.
For New Positions:
Buy Bank Nifty in 32,000-32,100 range with a stop loss of 31,900 and target 32,275, 32,350, 32,450.
Aggressive traders Buy Bank Nifty with a stop loss of 32,000 and target 32,450, 32,500, 32,600, 32,725, 32,800.
Sell Bank Nifty in 32,700-32,800 range with a stop loss of 32,850 and target 32,625, 32,525, 32,400, 32,350.
F&O Ban Update:
New in ban: Nil
Still in ban: SAIL
Out of ban: Nil